Possessed By A Boom, Headed For A Bust
The Omaha World Herald reports from Nebraska. “In red-hot housing market, some Omaha homes are selling above asking price — in 24 hours or less. Scott Lawrence of NP Dodge said he has brokered numerous homes this year that sold above asking price. ‘I’ve written at least 20 offers this year for full price or better that didn’t go due to multiple offers. And it’s happening in every price range,’ Lawrence said.”
“‘People are scrambling to get the house right when they come on the market because there’s not enough of them,’ said Andy Alloway, head of the Realtors board. In the words of buyer Caitlin Exum, who was sold on the Aristy split-entry home in less than 15 minutes: ‘I didn’t play any games. When I knew, I knew. There was no waiting.’”
WTOP in Washington, DC. “The nation’s capital became slightly less expensive for renters in June, but D.C. easily remained among the country’s top 10 priciest markets, according to real estate analysts. A report from Zumper, a website that tracks rental prices, shows D.C. rents dropped from fifth most expensive in the nation to sixth, now behind Oakland, California. ‘Big cities are seeing some plateauing,’ said Zumper analyst Tanguy Le Louarn. ‘This is a very common phenomenon. We’ve seen it in San Francisco, and D.C. seems to be affected in a similar fashion,’ he said.”
The Dallas Observer in Texas. “Dallas, as anyone with eyeballs has no doubt noticed, is in the middle of an apartment boom. Currently, the Dallas-Fort Worth metropolitan area has 50,000 apartment units under construction, which, to put things in historical perspective, is a crapload. If the Dallas area is currently possessed by an ’80s-like apartment boom, is it also headed for an ’80s-like apartment bust?”
“All those luxury apartments going up in and around downtown? Those might be harder to fill. ‘The likelihood of oversupply is much higher in the highest-end one bedrooms in the urban core,’ says Mike Puls, a Dallas-based apartment analyst. He referenced one new development near Victory Park that was recently offering potential tenants three months of free rent – which suggests that at least some developers of downtown-area apartments are struggling to fill their units.”
Bloomberg on New York. “Residents who aren’t necessarily millionaires are having an easier time finding an apartment to buy in Manhattan. Rising inventory is helping to level the playing field for buyers and sellers after years of bidding wars fueled by historically low supply, especially for homes of less than $1 million. Owners of such properties had long held off listing their units, realizing trading up would be difficult in a market with ever-rising prices. In the second quarter, the replenished resale supply approached the 10-year average for the period as sales cooled, said Jonathan Miller, president of Miller Samuel.”
“‘We’ve had a long run in terms of activity,’ Miller said in an interview. ‘The last four, five years have been about heavy volume of sales and price growth, and part of this might be sellers finally looking to cash out.’ The increased inventory ‘takes the edge off many sellers’ plans,’ he said. ‘It’s no longer an exclusive sellers’ market.’”
From Inman News. “Housing prices are steadily increasing again due to a shortage of new and existing homes for sale. And in some regions of the United States, home prices are seriously overvalued, especially in coastal communities such as San Francisco, New York and Miami. The question many experts are asking is no longer if, but rather when and how far, home prices will fall in the coming housing crash. For years, it looked like San Francisco real estate boom would never end, but the tech go-go days might be slowing down, as home prices in the Bay Area have fallen for the first time in five years.”
“Manhattan’s real estate market has been sizzling several years. But now cracks are starting to show in the once red-hot real estate landscape. Price growth is starting to slow amid concerns of a supply glut, particularly in $5 million and above luxury market. Inventory is rising and the global economy is starting to show signs of strain.”
“In Miami, the Brazilians, Canadians and Russians have disappeared just as a new crop of high rise condo towers are hitting the market. Miami condo developers are starting to cancel projects, slash prices and offer incentives to spur sales, according to Jack McCabe, a real estate analyst with McCabe Research and Consulting in Deerfield, Florida. McCabe, who called the last housing crash a decade ago, believes the luxury condo market is in a bubble. He said the South Florida housing scene looks eerily similar to the 2008 housing bust, and the inventory of unsold luxury condos is ballooning.”
“‘In the upper-end condo market, we are in the ninth inning,’ said McCabe, using a baseball analogy to describe the slowing Miami luxury condo market. ‘Sales numbers are dropping, prices are flattening, and we are starting to see the return of concessions by developers in the market such as private jet services to spur sales. South Florida is in a big bubble for high-end condos. We are at the end of the expansion phase and entering the hyper-supply phase, especially in condos.’”
From NPR Weekend Edition. “Double-digit price rises, easy credit and no money down — these all led to a housing bubble a decade ago. NPR’s Rachel Martin asks UCLA economist Stephen Oliner if we are headed for disaster. Stephen Oliner used to be with the Federal Reserve Board. Now he’s at UCLA, where he analyzes real estate markets,”
“Oliner: So there are really two types of indicators. The first concerns the risk that’s in the mortgage loans that are being made today. So at the American Enterprise Institute, where I have a position as well as at UCLA, we analyze about 80 percent of the individual home mortgage loans made every month to purchase homes. And many of these loans are very risky, subprime-style loans that are now being made with government guarantees rather than being held by private investors. But nonetheless, they’re quite risky.”
“The element of fraud that was rampant during the financial crisis in the lead-up to the bubble, that’s basically gone. But there still are other ways for loans to be risky in many dimensions, and that is still happening. So let me give you just a couple of specifics. Now, we normally think that people in a prudent lending situation will put down 10 or 20 percent. That’s so old-school. That’s not happening now. The median down payment for a first-time buyer in the United States is 3 and a half percent.”
“If they were to turn around and need to sell the house, they wouldn’t get enough money to repay the mortgage. So they’re actually underwater on day one of the mortgage. There are other ways in which the mortgages are risky. One is that people are still stretching to buy bigger houses with larger monthly payments than is really safe given their incomes, and that is completely allowable under our current mortgage regulations.”
“Martin: Which is good and bad, right? After the housing crisis, people were so scared that nobody wanted to buy anything. And now you’re saying we’ve overcompensated and people are living beyond their means again.”
“Oliner: Yes, that is what I’m saying. And we tend to think that a very strict, regulatory framework was put in place that would prevent this from happening again. And the problem is the following - 80 percent or so of the loans that are being made in the United States today are loans that have a government guarantee of some kind, federal government guarantee, and those loans are exempt from the regulations.”
‘buyer Caitlin Exum, who was sold on the Aristy split-entry home in less than 15 minutes: ‘I didn’t play any games. When I knew, I knew. There was no waiting.’
It’s a good thing you only had to find 3% down, or you might have missed out.
Do all millennial loanowners named Caitlin have the stupid gene?
“You gotta roll with it” — Caitlin Vestal, Portland, OR
Land prices have doubled or tripled in Omaha since 2011. They are building houses, but those prices have skyrocketed too. But there’s no bubble, and Mel Watt will back these loans.
‘now you’re saying we’ve overcompensated and people are living beyond their means again.’
‘Yes, that is what I’m saying. And we tend to think that a very strict, regulatory framework was put in place that would prevent this from happening again. And the problem is the following - 80 percent or so of the loans that are being made in the United States today are loans that have a government guarantee of some kind, federal government guarantee, and those loans are exempt from the regulations’
Now why would they make these loans exempt?
‘people are still stretching to buy bigger houses with larger monthly payments than is really safe given their incomes, and that is completely allowable under our current mortgage regulations’
‘I’ve written at least 20 offers this year for full price or better that didn’t go due to multiple offers. And it’s happening in every price range…People are scrambling to get the house right when they come on the market because there’s not enough of them’
In such an environment, is it possible people would stretch themselves?
in Omaha u can walk to the outer burbs in 30 minutes
another few miles to farms=insane
Is there at least a Chilis?
Yup, and the wait times are WAAAAAAY up.
I visited a few years ago. It is a simple middle American big city. It makes Tampa look like the circus by comparison.
Google says that the unemployment rate in Omaha is 2.7%, close to half Tampa’s 5.1%.
Irrelevant
Labor Force Paricipation Rate Plummets To 38 Year Low; Record High Joblessness
http://data.bls.gov/timeseries/LNS11300000
Now why would they make these loans exempt?
Because even if they are exempt from the eight general ATR criteria for underwriting, they are STILL subject to the other eligibility requirements in the Fannie Mae Selling Guide, which is based on the regulations in 12 CFR 1026.43.
https://www.fanniemae.com/content/guide/selling/b2/1.4/02.html
Fannie Mae will only buy a loan if it is fully amortized PITI, has a term of 30 years or less, and has less that 3% in points and fees. I could find NO way to get around those three criteria (except if the loan is from another gov agency, which has their own regulations).
So, the only way to drive a truckful of strawberry pickers through the regulations is for the entire truckful to live in one house and pool their income through a HomeReady to make that fully amortized PITI, every month, for 30 years.
I’m all for it, as long as the banks are allowed to foreclose the very minute the FBs don’t pay that fully amortized PITI. No more nonsense with marking-to-market, or squatting or Occupying, or feisty nursing, or SMONWOZNIAK, LYNNing, or sobbing to the local newspaper that the bank didn’t bestow the FB with a mod. This time, I want to see sh!t on the sidewalk.
It doesn’t much matter when the underlying asset is worth far less than what is owed.
Caitlyn. Katelyn.
How I loathe the name. How precious, cutely precocious, warrior princess, empowered woman, and kewpie-doll can you get all at once?
actually when they do that to me its a red flag they might be transgendered or militantly gay and to stay away.
Retailers love Caitlin’s!
Comment by Apartment 401
2016-07-04 07:54:59
Pic for RJ, the city of Castle Rock and Pikes Peak seen from the top of the Castle Rock (the one with the star on top that you can’t miss seeing from Interstate 25):
http://www.picpaste.com/20160704_084611.jpg
APT -
Thanks - just a great reminder why I ma leaving the utopian paradise called Chicago -
By the way - 49 shot with 3 dead over the weekend - This is a bigger police presence than several years past over the Independence Day Weekend.
In re to the photo - I know of the Star on the Rock - there is a trail up there off of I think it is Wilcox St. Back in the day when I was a much younger man - CR was nothing but a gas stop on the way toward Southern CO and NM. Parents loved taking us for long and I mean loooooooonnnnnnggggggg drives. Taos in the early sixties was a very small place and the folks loved it there as did I and my sibs.
rj
crater
‘Manhattan’s real estate market has been sizzling several years. But now cracks are starting to show in the once red-hot real estate landscape. Price growth is starting to slow amid concerns of a supply glut’
Sizzling, red-hot, glut. A housing market should never be sizzling or red hot.
what market is perk now?
Seattle?
don’t tell me anywhere in TX cause the oil bust will hit them all.
Has anyone seen Jack McCabe’s new newsletter? Opinions? Is there much on South Florida?
‘All those luxury apartments going up in and around downtown? Those might be harder to fill. ‘The likelihood of oversupply is much higher in the highest-end one bedrooms in the urban core,’ says Mike Puls, a Dallas-based apartment analyst. He referenced one new development near Victory Park that was recently offering potential tenants three months of free rent’
Rental watch is convinced these apartments are affordable. They are getting cheaper by the day.
“one new development near Victory Park that was recently offering potential tenants three months of free rent
Nor is there an easy way for the market to absorb an excess of luxury one-bedrooms. Financing arrangements for apartment developments are such that owners can’t just knock down rents to fill units.”
Someone doesn’t understand how capitalism works.
one-bedrooms
This supports the concept that people are affording these rents only by shacking up. It’s not easy to shack up in a one-bed apartment.
One-beds are the least profitable of apartments. Studios can be packed onto a floor, and two-beds command the price of two shacked-up incomes. One-beds take up a lot of space, but only command one income. No wonder they are sitting empty.
Donk,
A single bedroom house rental is a tiny fraction of your carrying costs.
People are often only affording 2 bedroom apartments by sharing them. I think the article even mentioned this. Couples who share 2 bedroom apartments with other couples.
What I mean to say is that it’s often 3-4 incomes in that 2 bedroom apartment.
This economist thinks China is headed for a 1929-style depression…..
http://www.marketwatch.com/story/this-economist-thinks-china-is-headed-for-a-1929-style-depression-2016-06-30
That’s unpossible! They just opened the brand new, flagship, Shanghai Disneyland!
BoE head and “former” Goldman Sachs official Mark Carney belatedly tells UK homebuyers to be “prudent” about taking on more mortgage debt than they can afford.
http://www.telegraph.co.uk/business/2016/07/05/ftse-100-falters-and-pound-plunges-back-towards-31-year-lows-as/
The financial reckoning day just got closer for Italy and the Eurozone.
http://wolfstreet.com/2016/07/04/investor-fears-spike-italy-europe-inch-closer-to-doomsday-scenario-bank-run-dei-paschi-unicredit/
why is Italy’s 10yr so cheap and Spain?
fckers are totally broke and even Germany can’t bail them.
Brits were smart to bolt
The Davos crowd is doing everything it can to invalidate the vote. The latest scheme is a lawsuit saying that only Parliament can make the Brexit decision and that the referendum is null and void.
The referendum was non-binding.
Remain calm. All is well.
http://www.businessinsider.com/bank-of-england-july-financial-stability-report-brexit-eu-referendum-2016-7
Is the post-Brexit dead cat bounce over?
Dow futures slump 100 points as Brexit reality ‘sets in’
Published: July 5, 2016 8:12 a.m. ET
Pound falls to fresh 31-year low against the dollar
Brexit fears are roiling the markets—again.
By Sara Sjolin
Markets reporter
U.S. stock futures fell on Tuesday as investors returned from the long holiday weekend to more Brexit-fueled uncertainty and opted for caution ahead of the closely watched U.S. jobs report on Friday.
Futures for the Dow Jones Industrial Average (YMU6, -0.57%) dropped 113 points, or 0.6%, to 17,756, while those for the S&P 500 index (ESU6, -0.63%) lost 14.05 points, or 0.7%, to 2,082.50. Futures for the Nasdaq-100 index (NQU6, -0.65%) fell 29 points, or 0.7%, to 4,404.25.
…
U.S. stock futures fell on Tuesday as investors returned from the long holiday weekend to more Brexit-fueled uncertainty and opted for caution ahead of the closely watched U.S. jobs report on Friday.
Doesn’t it seem like the financial media just makes up reasons why stocks go up and down?
mah house went down casua the brexit
right
“Pound falls to fresh 31-year low against the dollar”
Gotta know that George Soros is tapping some main-street tail-pipe and smiling all the way to the bank.
Pound slumps to fresh 31-year low as Brexit fears spook investors again
Published: July 5, 2016 5:53 a.m. ET
Sterling slides to lowest since 2013 against the euro
The pound continues to fall after the Brexit vote
By Sara Sjolin
Markets reporter
Investors fled anything considered a risky asset on Tuesday, sending the pound sharply lower and the yen rallying, as fears over the Brexit fallout again took a toll on markets.
Sterling (GBPUSD, -1.3997%) slumped to an intraday low of $1.3114, a new post-Brexit low and the weakest it’s been against the dollar since 1985. The U.K. currency traded at $1.3289 late Monday in New York.
The U.K. currency also slumped against the euro (GBPEUR, -1.2757%) buying €1.1783 compared with €1.1913 on Monday. It hit an intraday low of €1.1778, which was the lowest level for sterling against the shared currency since late October 2013, according to FactSet data.
“Fears about the investment industry are leaching into the forex markets today, with sterling seeing heavy selling again after a few days of relative calm after the Brexit vote collapse,” said Mark Priest, head of index and equity market making at ETX Capital, in a note.
…
I dunno. I am 90% sure, however, that no matter who wins the election in November, gold stocks one year from now will be up 100% from today’s trades. The POG will be above $1500 most,likely.
Several years up upside in store for the precious.
When I sell, the profits after taxes will be used to buy my house in Arizona or Nevada.
Wait, you are going to sell your gold and buy a house? I find that to be interesting. Will that be an all cash purchase? Why AZ or NV? Looking for a good deal in a sand state?
The next “Lehman moment” draws closer, only this time central banks have already blown $16 trillion in printing press “stimulus” and are out of ammunition.
http://www.zerohedge.com/news/2016-07-04/bear-stearns-20-uks-largest-property-fund-halts-redemptions-fears-vicious-circle
and yet no a dimes relief for credit card holders. my idea was to lower interest rates to zero for 5 years and no increase in total available credit..most or all payments would go to paying down principle. so if you wanted a new big screen tv you would have to pay cash.
What incentive does Mr. Banker have for lowering your CC interest rate? Like he says: you work, he reaps.
well if the fed soaked up some of that credit card debt in their 45 BILLION dollar month QE123….people on the bottom end might have a few dollars to jump start the economy….oh well….were doomed!
80 percent or so of the loans that are being made in the United States today are loans that have a government guarantee of some kind
Welfare for debt donkeys.
Free sh*tters gonna sh*t.
“80 percent or so of the loans that are being made in the United States today are loans that have a government guarantee of some kind”
Progress! Only twenty percent left to go.
Governments take all the risks, lenders take all the profits.
God’s Plan.
I like it. I love it. I want some more of it.
If the underwriters mess up they can be on the hook. But the government has set it up so a truck full of strawberry pickers can be driven through the exempt regulations. And a time tested organization like Quicken doesn’t have depositors to fall back on anyway.
“Free sh*tters gonna sh*t.”
Might as well add a Toyota Tundra CrewMax 4×4 to adorn the driveway.
^A mini-van with a box on the back.
I agree with this. Many of those trucks have a full-size front and back seat and only a 4.5 foot bed — for what? Even my Corolla can fit a 10-foot 2×4 better than that.
lol@donk
The bond market isn’t buying the “Everything is awesome - buy moar stacks!” meme.
http://www.bloomberg.com/news/articles/2016-07-05/treasury-yields-fall-toward-record-lows-as-payrolls-test-looms
‘Among the series of record-breaking moves chalked up in the world of sovereign debt last week were the new lows breached by the yields on 10- and 30-year U.S. Treasuries. Spanish yields also dipped to a record, while yields on the entirety of the Swiss government bond market turned negative on Friday.’
‘Meanwhile, a Federal Reserve Bank of New York measure of the 10-year term premium — a gauge of the supposed riskiness of longer-dated debt — has fallen to negative 0.66 percent, eclipsing an all-time low last seen when Bob Dylan released his first album.’
‘Analysts are also pointing to the flattening U.S. yield curve — that is, that interest rates across different maturities of debt are becoming more similar — as evidence of slowing expectations of economic growth.’
‘The spread between the yield on 10-year and two-year U.S. Treasury notes narrowed in the immediate aftermath of the June 23rd referendum, widened briefly, and is now shrinking again as investors continue to flock to the perceived safety of U.S. government debt. A model maintained by Deutsche Bank AG’s Steven Zeng, who adjusts the spread for historically low short-term interest rates, suggests the yield curve is now signaling a 60 percent chance of a U.S. recession in the next 12 months — up from a 55 percent probability as of mid-June, and the highest implied odds since August 2008.’
“This relentless flattening of the curve is worrisome,” Deutsche analysts led by Dominic Konstam said in their note on the model. “Given the historical tendency of a very flat or inverted yield curve to precede a U.S. recession, the odds of the next economic downturn are rising.”
‘Deutsche’s model, which compares 10-year yields to three-month yields, is said to be at its most predicatively powerful once its recession probability moves beyond 70 percent. That will happen should the 10-year yield move to one percent, and the three-month yield remain unchanged.’
‘The 10-year yield is currently at 1.44 percent, making a recession just about 40 basis points away according to this particular interpretation of the bond market’s moves.’
http://www.bloomberg.com/news/articles/2016-07-04/bond-markets-have-a-message-about-the-economy-that-stock-investors-might-not-want-to-hear?cmpid=yhoo.headline&yptr=yahoo
It’s interesting that the tech markets are cracking at the same time as the tech housing markets. Coincidence?
Did Eurozone austerity end with the Brexit?
The Brexit vote will kill austerity
David Blanchflower
George Osborne’s disastrous experiment brought about the EU referendum vote – now the economy needs stimulus
Tuesday 5 July 2016 06.40 EDT
Last modified on Tuesday 5 July 2016 06.41 EDT
The pound has collapsed to a 30-year low and the share prices of banks, estate agents and homebuilders are down sharply amid recession fears since the Brexit vote. A big house price drop seems inevitable, especially in London. The UK’s holdings in RBS alone are down by a third in a week; 9.1bn shares have dropped in value by about 80p a share, so that is a loss of more than £7bn. Add to that a drop of 17p in the value of the 15bn shares in Lloyds Bank the country owns, and, as a starter, Michael Gove, Boris Johnson and the leavers have already cost the country more than £10bn in losses.
The leave campaign said this wouldn’t happen, despite warnings from hundreds of economists who were dismissed as worthless experts. It was clear the Brexiters had no plan and, among other things, lied about £350m a week being available to fund the NHS. Those who voted for Brexit disproportionately, it turns out, will lose from it: EU funding for places such as Cornwall and Wales that voted to leave will inevitably dry up.
The rating agency S&P says the EU referendum result is a “seminal event” and has downgraded the UK’s credit rating from AAA to AA, while Fitch downgraded the UK from AA+ to AA, saying Brexit will be “credit negative for most sectors in the UK”, triggered by “weaker medium-term growth and investment prospects and uncertainty about future trade arrangements”. Recall how, in his Mais lecture in February 2010, the chancellor, George Osborne, claimed “we will maintain Britain’s AAA credit rating”. So much for that.
Barclays is forecasting negative growth in the last two quarters of 2016. Credit Suisse has cut GDP forecast for this year to 1.0% from 1.8% and its 2017 forecast to -1.0% from 2.3%. Goldman Sachs is forecasting the UK will enter recession. The governor of the Bank of England, Mark Carney, has warned that as a result of the Brexit vote Britain was already suffering from “economic post-traumatic stress disorder”. He hinted that stimulus was likely coming over the summer.
That is likely to involve rate cuts, certainly to zero and maybe even to negative, and a further burst of quantitative easing. It may well include the purchase of corporate bonds or other non-conventional assets to get the economy moving. Slasher Osborne criticised the last Labour government for its economic policies before and during the crash of 2008, but never told us what he would have done. Now he is going to have to react to essentially the same situation. A cut in corporation tax as Osborne has suggested is the wrong way to go as people are hurting more than businesses: it would be much better to cut VAT by 5%, which worked well in 2008.
Osborne disappeared for several days after having admitted, astonishingly, earlier last week that he hadn’t had anyone at the Treasury working on post-Brexit plans. His scaremongering tactics backfired on him; nobody took seriously his claim that he would impose a £30bn austerity budget. Inevitably the fiscal rule of balancing the budget by 2020 has had to be ditched as the economy slows. We await new forecasts from the Office for Budget Responsibility to show how awful the state of the public finances is going to be as a result of Brexit. Believe me they are going to be bad.
This is the end of the disastrous experiment that was austerity, which was an ignominious failure that I opposed from the outset. Osborne told us in his budget speech of 22 June 2010 what austerity was supposed to do. “The formal mandate we set is that the structural current deficit should be in balance in the final year of the five-year forecast period, which is 2015-16 in this budget.” In the same speech he even claimed: “There is no money left.” If there was none then, there is certainly none now. Hoisted by his own petard.
GDP per head is up just over 1% since 2008 and real wages are still 7% below their level at the start of the Great Recession in 2008. The problem is that many who voted leave thought this was all about immigration and EU rules, whereas in reality it was mostly about austerity. The Poles, the Czechs and the Hungarians came to the UK to work; they have higher employment rates than those born in the UK and pay far more into the system than they take out. It is clear that the rising number of immigrants has put pressure on public services but this was mostly because Osborne under-invested in services in order to shrink the state. They paid their taxes, but Slasher didn’t invest that money in new schools, houses and hospitals.
…
Prof,
So, any news about the extent to which the media will try to destroy Britain’s Brexit so as to extol the virtues of Big Government?
Whaddaya got? Anything? Do tell.
Hurry, hurry! There’s an election coming.
My impression, from recent reading informed by contemplation, is that the crack in the dam created by the Brexit is likely to result in dam collapse and downstream flooding. Try not to get swept away by the deluge!
Saved.
By the way, I don’t believe your “brothers from another mother” statement. Not for one second.
Open borders, anyone?
From In Colorado yesterday: “So the super rich guy…….to cheap to fly you to Eagle, or at least Denver?”
Na, the problem was my tools, and the big case of “contingency” supplies I brought with me. Getting that thru TSA would have been a giant hassle.
(I also was supposed to be bringing a big part with me, but the delivery of that was screwed up Friday. Supposedly, they will deliver it to EGE today. If they don’t, it will be a wasted trip, a replacement will have to come from France. Fedex, of course, apologizes, but they continue to drop the ball, and still charge you the overnight rate.
Fedex new motto: “We’re not happy, until you are not happy”.
But I digress…..)
There was only one direct flight a day on a “Real ” airplane. Everything else was a commuter, or a flight thru MSP or DFW. I hate riding commuters, or coach, no legroom. Not sure exactly when I’ll be done. Thought about taking Amtrak, but there is still driving involved.
So I drove, making it impossible for the airlines to screw my travel plans. Besides, I actually like the drive between Denver and Eagle. My return will be more leisurely. A couple of places in Denver I want to stop at on the way back.
For what it’s worth, other than my base salary, I can’t complain about my job. Got a five figure bonus again this year, which addresses a bunch of the salary issue. The 401K is the best I’ve ever been in (they 100% match, up to 6%). They probably would have put me up in their condo in Vail, except they are using it for guests. No pressure to cut corners to save money.
About once a year, I have to address a deal like this. Part of the job description.
Don’t work on Gulfstreams anymore (hence, X-GSfixr). A Dassault Falcon (and Citation X) kinda guy currently.
crushing.housing.losses.
Dassault Falcon ??
Looks pretty fast…
This Charlie-Foxtrot is just getting better and better…….
The part didn’t get delivered to the home base before I left. Held in Memphis. Called Dassault, they rescheduled the delivery to Eagle for today, assured everyone it was a done deal.
So……..part no show. Okaaaay. Called Dassault, who called FedEx. Where TF is it?
Seems that the box was crushed by a forklift or something in Memphis. They won’t be delivering it. The last one in North America. They might be able to get one from France by Friday, if they are lucky.
Just in Time inventory control, and Lean Manufacturing. Such a Deal. Stick them where the sun doesn’t shine.
Sooooo. Plan “B”………
Sooooo. Plan “B”………
bailing wire + twine?
And this charade has what to do with housing?
“And many of these loans are very risky, subprime-style loans that are now being made with government guarantees rather than being held by private investors. But nonetheless, they’re quite risky.”
Remember….. 3%downpayment mortgages are the very definition of subprime.
Food stamp mortgages for a nation of broke @ss loosers.
‘The element of fraud that was rampant during the financial crisis in the lead-up to the bubble, that’s basically gone. But there still are other ways for loans to be risky in many dimensions, and that is still happening’
Well, yeah, Mel Watt changed it to where fraud isn’t necessary. Just find 3 or 15 room mates to state they’ll live there and pay rent (they don’t live there now because hey, you haven’t bought it yet!) and that counts toward borrower income. Or get granny to say she’ll chip in. And you can use your gym membership instead of traditional credit. And who cares if you aren’t in the country legally? Even though they are instantly underwater, if prices dip these hard working migrants will stick around and pay back every cent.
There is an old military saying “You fight like you train”.
Recognizing that people panic in crisis/high stress situations and forget how to think. So they fall back on training/reflexive reactions.
So goes our economy. On Main Street, the wheels continue to fall off. The only thing the feds and the banksters have been trained to do is to create bubbles, and manipulate prices of commodities. So they continue to fall back on what they know.
“So they continue to fall back on what they know.”
Or think they know.
“It ain’t what you don’t know that gets you into trouble. It’s what you know for sure that just ain’t so.”- Mark Twain
http://finance.yahoo.com/news/chinese-billionaire-wants-tesla-tesla-210001375.html
‘Jia Yueting has all the trappings of a successful Chinese tech entrepreneur with global ambitions. Jia’s Faraday Future has lured staff from Ferrari and BMW, and won the backing of Nevada’s governor to construct a $1 billion auto plant in North Las Vegas. Yet for all of Jia’s accomplishments, the 43-year-old tycoon has failed to win the confidence of one key man. Dan Schwartz, Nevada’s treasurer, says he’s skeptical Jia can secure financing for the car plant, a project that needs government support for power lines, water mains and roads.’
‘Jia has pledged 87 percent of his holdings in Leshi Internet Information & Technology Corp. — his flagship firm — for cash that he then plowed back into his companies, regulatory filings show. The stock, which was halted in Shenzhen for the first five months of 2016, has dropped 11 percent since it resumed trading on June 3, a move that heightens Schwartz’s fear that a margin call could prevent Jia from funding the plant.’
“You can see where this leads,” Schwartz said in a phone interview. “His Internet company is successful, but that doesn’t generate the billions of dollars he’d need. Where’s he going to get the money?”
“It’s a matter of time before problems emerge,” said Wang Zheng, the Shanghai-based chief investment officer at Jingxi Investment Management Co., which oversees about $300 million and is avoiding Leshi shares in part because of concerns over its financing strategy. The company’s high valuation reflects the appeal of “concept” stocks among Chinese individual investors, Wang said.’
‘Jia and his family have pledged about $5 billion of Leshi shares as collateral for loans, amounting to a 35 percent stake, according to data compiled by Bloomberg from the company’s first-quarter report. Jia also sold 2.5 billion yuan ($375 million) of Leshi shares in June 2015 and lent the proceeds back to Leshi to “relieve the company’s financing pressure.” He later entered into a contract with an asset management firm to exchange 100 million shares, or about 5.3 percent of the company, for cash that he then lent to Leshi interest-free. Jia pledged to repurchase the stake after Leshi repays the money.’
“The company is capital strapped,” said Dai Ming, a money manager at Hengsheng Asset Management Co. in Shanghai.’
He can always sell some houses.
Good for you, Dan Schwartz! It’s a scam and he knows it. How much you want to bet that Jia also borrowed 50,000 from Kanjiklub, using that same phantom stock as collateral?
If Jia is so hell-bent on building something, and so sure that his stock is worthy, let him sell his stock into American dollars and pay for the gov infrastructure up front.
Hope and Change:
“Independence Day weekend shootings in Chicago left 64 people wounded, four fatally, with a period of 15 hours Monday into Tuesday that accounted for half of the weekend’s victims.
Twenty-eight of those shot were wounded after Chicago Police Supt. Eddie Johnson spoke of progress at a Monday night press conference about 8 p.m., including the weekend’s youngest victims.
Among the wounded: a 5-year-old and 7-year-old shot in West Englewood while lighting fireworks, an 11-year-old whose wound was first thought to be caused by fireworks, and a 15-year-old left in critical condition after he was shot leaving a store.”
http://www.chicagotribune.com/news/ct-chicago-shootings-july-holiday-weekend-20160705-story.html
“Independence Day weekend shootings in Chicago left 64 people wounded ??
My goodness….Thats third world carnage…
Cloward-Piven can’t be fully implemented without a little “collatertal damage” y’know?
“My goodness….Thats third world carnage…”
No actors needed.
What Is a “Gang Audit”?
07/05/2012 01:24 pm ET | Updated Sep 04, 2012
Andrew Papachristos Associate Professor, Department of Sociology, Yale University
Crime in Chicago is once again front-page national news. Increased levels of “year-to-date” homicide are up and part of the national outcry is about what (if anything) can be done about it. Over the past several months, Superintendent McCarthy has mentioned “gang audits” as one of the latest innovations in Chicago’s efforts at curbing gang violence. But what, exactly, are these audits? And, can they reduce violence?
Chicago’s high levels of homicide are driven by and large by disputes among and between street gangs. We’ve known this for decades. But most of our knowledge, understanding and tactics in dealing with street gangs have been stuck in the 1990s when Chicago gangs were seen as complex and hierarchical organizations with a clear chain of command and a commander-in-chief pulling the strings.
Apt. -
I missed quoted in a separate post - the 49 shot was as of yesterday before the fireworks started here.
The numbers would have been ALOT worse had it not been for literally every man on deck police types in the worst of the hoods here.
The annual gig at Navy Pier had scanners checking people as they entered the park and I suspect the same for Grant Park. Cameras everywhere, scanners everywhere and still the poors and the haters just shoot each other as that is all they know. Cops trying to contain it but it is getting increasingly difficult for them.
Democrat-run = crime-ridden dystopia.
Got together with some old friends in the Midwest yesterday. One of them bought a beautiful large home a few years ago, where we got together — he brought along all the equity from the paid-off home, so is in a reasonably strong financial position.
We got into the discussion of where the housing market goes from here, and he started off by suggesting that the housing market wasn’t going to crash any time soon, given how recent the last crash was.
I didn’t have the heart to suggest that we are overdue for another crash, thanks to the extraordinary lengths to which our economic leaders went against economic fundamentals to reflate the Housing Bubble.
Another California locust, selling his home for big bucks, then moving to another location, only to wreck the new location’s affordability for the locals. Then, adding the California mindset to the mix.
什么绕开过来的。 回报是财神。
“Why isn’t this place as forward thinking as SF?”
“Ugh what do you mean we aren’t giving free college to kids?”
“Where are our solar subsidies?”
“Why do these Texans have guns that have a toggle safety and that’s it? There’s no 4 way safety mechanism on this ‘assault rifle’?”
As they cash out there $800,000 equity and pay cash for a $250,000 house in DFW or Austin or somewhere in North Carolina
You would think the smart Californians who “have made fortunes” in their primary residence but saved only half a year’s worth of expenses in tax deferred retirement accounts would sell their stucco box to a Chinese family and buy a new house in flyover country for one fourth the price with the tax free gain in the house sale to bolster their savings. Jeez I would put it all in a vanguard index fund and live in Nevada, Texas, or Wyoming and the tax rate on the long term gain of the index fund is 15%, well below ordinary income taxes.
We have one on this board who didn’t do exactly what you suggested they do. She and her husband made lots of money on selling at peak, then proceeded waste $200K+(?) on rent looking for the perfect Cali toe-tag home and finally buying and renovating it to the tune of another $600K+(?). Result: they aren’t that much better off than they were before. Lower expenses, but no gain in cash cushion.
They could have moved to flyover to have even lower expenses AND a cash cushion, plus accessible medical care.
Oh well. People live their own lives.
You’re referring to our good friend MT Pockets.
MT could have rented for half the monthly cost and continued to build a larger pile of cash.
Hope and Change:
“The National Center for Health Statistics recently released a major study, examining the national trends in suicide. The results are grim: The age-adjusted suicide rate in the United States increased a staggering 24% from 1999 to 2014. Increases were seen in every age group except for those 75 and above and in every racial and gender category except for black men. The national rate rose to 13 deaths per 100,000 people in 2014. Contrast that with homicide, which killed 5.1 Americans per 100,000 in 2013. We instinctively fear the murderer hiding in the bushes, but we are at far greater risk from ourselves.”
http://www.businessinsider.com/americas-suicide-epidemic-is-getting-bad-2016-7
A headline on Yahoo:
Why Uber is the perfect employer for my 70-year-old, hot-air balloon pilot father
Meet my dad, a new member of the gig economy who’s still figuring out how to use his smartphone
Editorial written by William Kristol, who has never seen a preemptive ground invasion in the Middle East he didn’t like:
“The weekend of July 4 is a good time to step up. All that Republican leaders have to declare is that the convention delegates “are, and of right ought to be, free and Independent,” and “that they are absolved from all allegiance” to a nominee who would sully the name and damage the future of the Republican party.”
http://www.weeklystandard.com/independence-day/article/2003107
None of William Kristol’s children or grandchildren had their legs blown off by an IED.
Because that’s a war for poor blacks, poor browns, and poor white trash to fight.
Bolton, McCain and Graham are on Fox right now telling us we need to double down on ISIS. The same ISIS they funded.
Lindsey Graham was the only member of Congress that attended Bilderburg 2016.
Globalists gonna globe.
Polish your flag lapel pin and send your children off to die to secure the realm, LOLZ.
“…that attended Bilderburg 2016.”
An invitation-only event, IIRC.
sully the name and damage the future of the Republican party ??
That was already accomplished from 2000-2008…We are now seeing the final chapter in this clown act called Trump…You reap what you sow…Rode high in the saddle with Bush…Now, being reduced to ashes…Conformation would be the down ticket races…
The Donald lives on in your MT Skull….. rent-free.
Wall Street Journal subscriber paywall article blurb:
Soaring Child-Care Costs Squeeze Families
“Child care expenses alone have climbed nearly twice as fast as overall prices since the recession ended in 2009, according to Labor Department data.”
And with two incomes housing is still unaffordable.
“This sucker could go down” — George W. Bush
It’s a good thing rents have been going down.
And that ObamaCare has cut medical expenses by $2500 a year…
And that the dollar is just as strong as in 2000….
And that the the middle class has a champion, Hillary. Who is literally above the law.
Hillary gonna make child rearin free
for the chillens
Something Huge Is Coming From Japan
by John Rubino • July 5, 2016
Tweet about this on TwitterShare on FacebookShare on LinkedInPrint this pageEmail this to someone
Pretend, for a minute, that your country responds to the bursting of a credit bubble by borrowing unprecedented amounts of money and using it to prop up banks and construction companies. This doesn’t work, so you create record amounts of new money and push interest rates into negative territory in an attempt to devalue your currency. But this — amazingly — doesn’t work either. Your currency soars and the inflation you’d hoped to generate never materializes…..(more)….
http://davidstockmanscontracorner.com/something-huge-is-coming-from-japan/
“Plunging US rates. Eventually, hundreds of trillions of yen will have to find a new home with more hospitable returns. And 30-year Treasuries yielding 2% will look pretty tasty in a relative if not absolute sense. Rising foreign demand will push down Treasury yields, killing off numerous US banks, pension funds and insurance companies but giving the remaining solvent Americans a chance to refinance their mortgages at 1%.”
Lead story on the Sun Sentinel website right now:
“Both sides will meet again today to try to settle a civil lawsuit filed against the U.S. Department of Justice by two women who say their rights as crime victims were ignored when federal prosecutors agreed not to prosecute billionaire financier Jeffrey Epstein.
The women, identified only as Jane Does 1 and 2, say Epstein sexually abused them when they were teenagers. He later reached confidential financial settlements with both women.
Epstein, now 63, pleaded guilty to related state sex charges in 2008. He served 13 months in jail, followed by a year of house arrest and is a registered sex offender.”
http://www.sun-sentinel.com/news/palm-beach/fl-jeffrey-epstein-victims-back-20160705-story.html
Because age of consent laws only apply to the little people, LOLZ.
Bill Clinton pictured with Jeffrey Epstein’s social fixer at Chelsea’s wedding AFTER severing links with disgraced pedophile
By Sara Nathan For Dailymail.com
Published: 09:42 EST, 13 January 2015
This is the society fixer alleged to have helped find underage girls for pedophile billionaire Jeffrey Epstein - helping Bill Clinton celebrate his daughter’s marriage.
Ghislaine Maxwell was photographed at the former First Daughter’s glittering July 2010 wedding to Marc Mezvinsky - despite Epstein having been convicted of soliciting underage girls.
Clinton had cut ties to Epstein after his arrest over allegations of sex with girls as young as 14.
But this photograph shows that he maintained close ties to Maxwell, who is accused in court papers of procuring underage girls for Epstein, her former boyfriend, as she smiles as President Clinton walks a beaming Chelsea down the aisle.
Maxwell, now 50, attended the wedding in Rhinebeck, NY, on July 31, 2010, with the cream of Washington D.C.
Described as feeling like a ‘family wedding’, guests included former Secretary of State Madeleine Albright, Terry McAuliffe, Governor of Virginia, and leading figure in the civil rights movement Vernon Jordan.
For Maxwell to remain a Clinton chum is an interesting turn of events.
Just two years earlier, her former lover and friend Jeffrey Epstein was sentenced to 18 months behind bars after pleading to a single state charge of soliciting prostitution. He served 13 months in prison.
President Clinton had been so close to both to Epstein he had joined him on his private jet and stayed on his private Caribbean island.
Speaking to the Mail On Sunday in 2011, Virginia Roberts - who claims in court papers she was kept as Epstein’s ’sex slave’ and forced to sleep with Prince Andrew three times - said she met President Clinton twice, but was never ‘lent out’.
Allegations: Ghislaine Maxwell is accused of ‘facilitating Prince Andrew’s acts of sexual abuse by acting as a madame for Epstein’. Above, Miss Maxwell looks on as Prince Andrew smiles with Virginia Roberts in 2001
Read more: http://www.dailymail.co.uk/news/article-2906981/Bill-Clinton-pictured-Jeffrey-Epstein-s-social-fixer-Chelsea-s-wedding.html#ixzz4DXuSMOoP
Follow us: @MailOnline on Twitter | DailyMail on Facebook
Another Friend of Bill (FoB). Still more reputable than Bill’s wife.
FBI director James Comey is holding a press conference at 11:00am today.
https://twitter.com/PaulaReidCBS/status/750313316799700992
https://twitter.com/BillHemmer/status/750315098367860737
One of the rumors swirling around in the deep dark bowels of the Internet is that the three and a half hour interview on Saturday was actually a quiet apprehension, arrest, legal wrangling and release, as she’s not considered a flight risk.
There’s been all this stuff about the DOJ and Loretta Lynch won’t indict, and the FBI doesn’t have the power to indict. That may be true. The FBI does, however, have the power to arrest and they don’t need a grand jury to do it, just like my local sheriff’s office doesn’t need a grand jury to arrest someone for breaking and entering.
We’ll see, I guess.
they get to keep their jobs when she becomes first asexual female (sota) pres
save the males
The Clinton Foundation is really the larger issue, but don’t count on anything ever coming out of that.
Clinton Insider Reveals Bill’s Secret Deal With Loretta … - YouTube
https://www.youtube.com/watch?v=999NuVGiBIs - 264k - Cached - Similar pages
21 hours ago .
Alex Jones sometimes has some decent guests. This guy is not one of them. He’s there to deliver bad news over and over and over, and thoroughly depress people into believing all is lost and there is nothing you can do about it. Whenever Alex brings up a positive development, the guy craps all over it.
He’s a “Clinton Insider”, all right. Controlled oppo. Notice the pandering for money. Looking for paypal donations to his email address. Probably gets them, too. Then again, maybe he washed the Clinton’s car once and that makes him an “insider”.
One thing I’ve noticed about this election season are the so-called former “insiders” oozing out from the woodwork, and people like New Gingrich piping up in an effort to be relevant again. Parasites gonna parasite.
OK so Bill and Loretta met on the tarmac to discuss the grandchildren.
gross negligence
noun
an extremely careless action or an omission that is willful or reckless disregard for the consequences to the safety or property of another; also called very great negligence, culpa lata
Usage Note
law
Dictionary.com’s 21st Century Lexicon
Copyright © 2003-2014 Dictionary.com, LLC
Cite This Source
FBI: Clinton ‘extremely careless’ about emails, shouldn’t be charged
Updated July 5, 2016 1:08 PM
By The Associated Press
FBI Director James Comey says there is evidence that Secretary Hillary Clinton’s email practices were careless, but nothing to suggest criminal wrongdoing.
The FBI won’t recommend criminal charges against Hillary Clinton for her use of a private email server while secretary of state, agency Director James Comey said Tuesday, lifting a major legal threat to her presidential campaign. But Comey called her actions “extremely careless” and faulted the agency she led for a lackadaisical approach to handling classified material.
Don’t get me wrong here, jeff. I AGREE with you. I’m not happy about Comey’s recommendations and furthermore, the real scandal is the Clinton foundation and its possible involvement with espionage, regime change and human trafficking, etc.
It’s Larry Nichols and his “inside info” I have a problem with. I could say the same things he does and pass myself off as a Clinton insider. He’s not saying anything that hasn’t been written about before, and it’s pretty easy to take that information and extrapolate what happened between Clinton and Lynch. And plaster my paypal address across the screen while I’m being interviewed by Alex.
Anyway, with all that said, I think both Lynch and Comey are to be commended. Because they’ve both just sent a message, in no uncertain terms, that the legal/justice/law enforcement system at all levels in the US is a complete joke and has little or nothing to do with the “law”.
Basically Comey and Lynch just did a major public service announcement and we should all heed it. I don’t know how much clearer they could have been. Right now the internet is alive with all sorts of “But-but-but”. No buts. This is how it is. Most of us have known or suspected it for a long time, sometimes based on personal experience, sometimes based on those administrations that choose which laws they want to follow and which they don’t. This just confirmed it. Beyond a shadow of a doubt.
What’s the next step? Make a personal plan to deal with it. Research. Do what you’ve got to do to keep you and yours under the radar and out of this system.
Deflon Hill!!
New York Post — I’m a millennial and my generation sucks
http://nypost.com/2016/07/04/im-a-millennial-and-my-generation-sucks/
I remember in the late 70s in my teens I realized my generation was mostly socialists. And they sucked. But at least they were anti war (I was neutral). Now the same people are pro war and killing of innocents who are anti zionists. And I am very anti war.
Yeah but my counterparts don’t even understand credit, debt, or budgeting. I cant even begin to talk about politics with them. You just get shocked looks when you discuss real facts/issues, they enjoy having the blinders on.
“Yeah but my counterparts don’t even understand credit,
debt or budgeting.”
The sweet sound of VICTORY!
Dumb ‘em down, and profit.
(and profit and profit and profit and profit …)
Bahahahahahahahahahahaha … ha.
Dandroidz -
What else could you expect given that so many of your peers spend 24/7 in their devices?
Knowledge?
Competency?
For decades, television used to be called the Idiot Box. Television has been replaced.
The best point in that piece is that Millennials are more interested in documenting their lives than in living them. I’m not going to claim that my own lame Generation X is superior, though.
On my last vacation, which was in February in California wine country, I saw people on the side of the road by the wine railroad rails taking their pictures with a Selfie stick. That was my first ever sighting of such creatures. I think they were Gen X though. I almost vomited wine.
Omaha lack of land evident w google earth
I don’t get this as farm prices sck
“‘People are scrambling to get the house right when they come on the market because there’s not enough of them,’
In OMAHA?!!??!?!!? LOL!!!!
I’ve been to Omaha. There’s no reason whatsoever to commoditize housing there. It’s so normal that it makes Florida look like the circus.
My co-worker just told me about the recent attempt to sell his deceased mother’s house in Pasadena CA. Listed last summer with zero interest. 4 price reductions later they finally had a potential buyer visit. They offered 60% of the reduced price. Coworkers family accepted the offer.
The original listing price must have been like 2 million or something.
Original list was 729k
No way, California pricing is to the moooooooooooooooooon.
Perhaps its the caveat of owning a house but being limited to 1 shower per day, or no car washing?
Two more commercial property funds have stopped investors from withdrawing their cash, escalating fears about the impact of the Brexit vote on the UK economy.
Live M&G and Aviva suspend property fund redemptions as Brexit fears mount – business live
Pound plunges to new 31-year low as property funds refuse to let investors withdraw money after a rush of post-Brexit redemption requests
Read more
M&G, the fund management arm of insurer Prudential, suspended its £4.4bn fund this afternoon, citing an increase in redemptions since the referendum. The move came hours after Aviva Investors blamed “extraordinary market circumstances” for its decision to halt withdrawals by investors in a £1.8bn fund, which suffered a surge in requests by backers to redeem their investments because of fears of a property crash after Britain voted to leave the EU.
Their decisions came 24 hours after Standard Life blocked investors from taking cash out of its £2.9bn commercial property fund.
The suspensions came on another day of drama on the financial markets, 11 days after the vote to leave the EU wrong-footed markets and sparked political turmoil. Among developments:
https://www.theguardian.com/business/2016/jul/05/aviva-halts-trading-in-its-property-fund-brexit-standard-life
Hotel California time ;0
Spent Friday evening watching the youtubes and found a Queen concert that had been filmed in the early 1980’s in of all places Budhapest Hungary. Got me to thinking - Hungary at that time was still commie held IIRC and then thought - imagine these guys (esp Freddie Merc) and the songs they brought with them singing to THAT crowd. And then comes Hammer to Fall about the nuclear bomb threat and I really wondered - hmmmm….what were the commie authorities doing then? Unbelievable to think that a band like Queen could even play in such a venue back then.
Flash forward to today - EU IMHO is a sanitized version of the old commie regime merely with different clothes on. Me thinks that Roger Taylor and Brian May ought to update Hammer to Fall to reflect the new tyrrany that has its grip on Europe. Ring the bell and answer the call.
If you follow closely, most EU policies are influenced by right of the center member states than that of the left of the center states.
Commie? Most likely not! Republicrats like Romney, Ryan would fit right in.
Butters -
Commie comes in many stripes - it is the prinicpal of the thing not the tag.
Queen — The Game (1980):
https://www.youtube.com/watch?v=BTEQmoe44U8
Hungary at that time was still commie held IIRC and then thought - imagine these guys (esp Freddie Merc) and the songs they brought with them singing to THAT crowd.
I took a tour of Russia in 1987, Moscow, Leningrad (as they called it then, still commie) and Kiev. We got friendly with the kid who was our Intourist guide. He was a big fan of Queen and was shocked to hear Freddy Mercury was gay. Mostly he was interested in American slang and curse words. Probably a spy in training
One day we were touring some museum, don’t remember, but a member of the “militia” grabbed a hold of him and took him away because, as he told us later, he seemed to be having too good a time with me and my friend. She cheerily greeted him the next morning with “so did they beat you with a rubber hose?” Bunch of old bats on also on the tour got on our case for getting him in trouble (after he identified himself to the militia guy as an Intourist guide there was no problem; they were allowed to talk to foreigners.)
The food was terrible, the store shelves were empty and the libations offered were straight shots of vodka, champagne or kvass (bad beer). Brutal.
I glow in the dark a little from having been in Kiev a year after Chernobyl.
Jupiter, FL Housing Prices Crater 5% YoY As SubPrime Mortgages Skyrocket
http://www.zillow.com/jupiter-fl/home-values/
Mo money for the cheap all day happy hours that exist up and down the beach. Sweet! Well if you can enjoy getting dehydrated off rum punch with 95*F temps and 85% humidity.
Nothing accelerates the economy and creates jobs like falling prices to dramatically lower and more affordable levels. Nothing.
Happy Valley, OR Housing Prices Plunge 6% YoY As Demand For Housing Evaporates
http://www.zillow.com/happy-valley-or/home-values/
Queens Of The Stone Age — Feel Good Hit Of The Summer:
https://www.youtube.com/watch?v=XvDZuptvupk
That song sucks, but it sucks in new and original ways no song has ever sucked before. So it’s groundbreaking, in a sense.
https://www.youtube.com/watch?v=VMnjF1O4eH0 - 244k -
I thought I knew all these lyrics decades ago but I didn’t.
I had several lines wrong including “Get on your bikes and ride”.
QUEEN LYRICS
“Fat Bottomed Girls”
Oh you gonna take me home tonight
Oh down beside that red fire light
Oh you gonna let it all hang out
Fat bottomed girls you make the rocking world go round
Hey I was just a skinny lad
Never knew no good from bad
But I knew love before I left my nursery
Left alone with big fat Fanny
She was such a naughty nanny
Heap big woman, you made a bad boy out of me
Hey hey!
I’ve been singing with my band
Across the water, across the land
I’ve seen every blue eyed floozy on the way (hey)
But their beauty and their style
Went kind of smooth after a while
Take me to them naughty ladies every time
C’mon!
Oh, won’t you take me home tonight?
Oh, down beside your red fire light
Oh, and you give it all you got
Fat bottomed girls you make the rocking world go round
Fat bottomed girls you make the rocking world go round
Hey, listen here
Now I got mortgages and homes
And I got stiffness in the bones
Ain’t no beauty queens in this locality (I tell you)
Oh, but I still get my pleasure
Still get my greatest treasure
Heap big woman you done made a big man of me (now get this)
Oh (I know), you gonna take me home tonight (please)
Oh, down beside that red fire light
Oh, you gonna let it all hang out
Fat bottomed girls you make the rocking world go round
Fat bottomed girls you make the rocking world go round
Get on your bikes and ride
Ooh, yeah, oh, yeah, them fat bottomed girls
Fat bottomed girls, yeah, yeah, yeah,
All right
Ride ‘em cowboy
Fat bottomed girls
Yes, yes, right.
Guns & Roses — Welcome To The Jungle:
https://www.youtube.com/watch?v=kr8-E8may2Y
The DonkeyRage is palpable.
X - Fourth of July.
https://www.youtube.com/watch?v=sjka8gRhsgI
#rigged
UK property “investors” fleeing. Hate to be the bagholders who bought at the peak of the market.
http://www.bloomberg.com/news/articles/2016-07-05/brexit-erodes-u-k-economic-pillars-as-property-investors-flee
“Tesla Drops On Report Of Another “Autopilot” Crash And Rollover”
http://www.zerohedge.com/news/2016-07-05/tsla-drops-report-another-autopilot-mode-crash-and-rollover#comment-7779812
These are rolling death traps.
“All animals are equal, but some animals are more equal than others.” — George Orwell, “Animal Farm”
https://www.armstrongeconomics.com/international-news/north_america/2016-u-s-presidential-election/comey-delivers-scathing-rebuke-of-hillary-but-says-no-indictment/
Fauxahontus Warren, self-described Cheyenne and champion of the middle class, turns a blind eye to the oligopoly’s chief instrument of plunder against the 99%, the Federal Reserve.
https://mises.org/blog/elizabeth-warren-turns-blind-eye-central-bank
Wailuku, Hawaii Housing Prices Crater 17% YoY As Housing Demand Plummets Nationally
http://www.zillow.com/wailuku-hi/home-values/
Hope and change hasn’t delivered.
http://www.breitbart.com/big-government/2016/07/05/obama-era-suicide-rate-u-s-highest-30-years/
Gold is pricing in more deranged money-printing from the Fed and central banks.
http://www.kitco.com/market/
US Treasuries going down faster than Monica in the Oval Office. I feel a great disturbance in the derivatives market, as if ten thousand hedgies suddenly screamed their last and then were silenced forever.
http://www.marketwatch.com/investing/Bond/TMUBMUSD10Y?countrycode=BX
RIP, rule of law. It’s official: members of the .1% can break the law with impunity.
http://observer.com/2016/07/james-comey-sells-out/
“Given the location of the lemonade stand, the Conservation Officer acted in good faith in applying the federal land use rules in place.”
It’s Agenda 21 time in the North American Union.
Ottawa shuts down kids’ lemonade stand over permit, sparking criticism
Ashifa Kassam in Toronto
@ashifa_k
Tuesday 5 July 2016 14.08 EDT
Last modified on Tuesday 5 July 2016 20.47 EDT
To the young entrepreneurs – ages 7 and 5 – it seemed like a win-win situation: Hawk ice-cold lemonade to pedestrians and cyclists on a hot day and rake in money to help pay for summer camp.
But their business plan was swiftly derailed by officials in Ottawa, who cited the girls’ lack of a permit to shut down the C$1-a-glass lemonade stand.
Eliza Andrews, 7, and her sister Adela, 5, had been running the stand on their front lawn for several weeks. As the date of their summer camp neared, the pair eyed their profit margins and considered a crucial question: location.
On Sunday they relocated, setting up shop on a grassy median that flanked a stretch of road open only to cyclists and foot traffic on Sunday mornings.
Business was just beginning to pick up – the two had earned C$52 in about an hour – when a passerby stopped to ask them if they had a permit for their lemonade stand. It wasn’t long after that a uniformed official with the National Capital Commission, a federal agency, arrived on the scene.
“They were polite, but said we had to pack up and leave,” Kurtis Andrews, the father of the two girls, told the Toronto Star. His offer to pay for a permit on the spot yielded no compromise. “For a couple of kids, it’s kind of intimidating, with the flashing lights and guy in black uniform.”
First reported by the Canadian Broadcasting Corporation, the story made headlines across Canada. Many on social media took aim at Ottawa – playfully rehashing the capital’s reputation as the “city that fun forgot” – while several Conservative politicians seized on the story as an example of how government overreach can strangle entrepreneurship.
On Monday, the Andrews visited the federal agency to apply for a permit. Perhaps conscious of the many who had framed the girls’ foray into Ottawa’s byzantine bureaucracy as a struggle of David against Goliath, an agency spokesperson apologised to the young entrepreneurs and offered to waive the C$35 permit fee.
In a later statement, the agency defended its earlier actions and made it clear that no exceptions would be made for the girls. “Given the location of the lemonade stand, the Conservation Officer acted in good faith in applying the federal land use rules in place.”
The situation could have been handled differently, it acknowledged. “Children’s lemonade stands are a time-honoured summer tradition that contributes to a lively capital and the NCC wants to encourage these activities whenever possible.” Officials said the girls’ permit application would be likely expedited so that they could have the stand up and running by this weekend.
The timeline was questioned by the girls’ father who pointed to the magnitude of paperwork being demanded for the stand. “The girls can’t provide proof of insurance. They can’t provide a site map. And so on and so forth,” he told CTV News. “So I expect that there’s going to have to be some … modification of the normal bureaucracy here.”
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